Posts Tagged ‘ICBC’

Are insurance rates soaring across BC?

Written by Harold McNeill on January 29th, 2018. Posted in Editorials, Tim Hortons Morning Posts

Car Crash

Scenes like this are all too common in BC and take a tragic toll in lives lost and families destroyed. The cost is high and we all pay but are Insurance Rates out of control in B.C.? Check out this article, as you may be surprised to see where British Columbia sits in relation to other Provinces.

This article is brought forward following an article in the Saanich News stating ICBC rates for some classes of vehicles are grossly inflated as compared to Alberta. Also included are recent updates.

Updated:  February 10, 2020

Further to the update below (February 1, 2020), I note that since the government announced a “No-Fault” insurance plan for BC, Robert Mulligan is taking a slightly different tack, suggesting that no-fault will only increase the problems by taking away the right of an injured party to sue.

I’ve copied just one sentence from Mulligan’s longer discussion, “And I think people don’t like the idea that somebody who’s, for example, was drunk and ran into you and you become a quadriplegic is going to be treated exactly the same way you would in terms of getting benefits (go to minute 00:15:26 to see his full comment)

Statements like this appear to be simple fear-mongering. As was the case in the past, people who commit criminal offences, as well as other forms of negligence while driving, may well lose their insurance coverage and in all likelihood would be sued by ICBC to recover costs of the claim.   (Link here to Mulligan’s full conversation on CFAX radio)

Updated:  February 7, 2020

It is reported ICBC is heading for a 20% rate reduction and largely cutting out lawyers in a change to No-Fault insurance.  This will be the largest change to ICBC in several years and will hopefully place the Crown Corporation back on an even keel.

It will be interesting to see how trial-lawyers who earn a large part of their income from ICBC, and the Conservative (aka Liberals) opposition in the Legislature, respond to these changes.

That being said, a February 1, 2020 article by Robert Mulligan, an experienced trial-lawyer, suggested implementing several of the changes currently being proposed by the government.

This will be explored more fully over the next few days.

Read more at CBC Major Overhall of ICBC

Also, a Times Colonist report:   Major overhaul at ICBC would limit the ability to sue, cut rates by 20%

Update: February 1, 2020

For an interesting update of the challenges facing ICBC, read a CFAX interview with Robert A. Mulligan titled, “Extinguishing the ICBC Dumpster Fire“.   You should disregard the title of the article as it was prepared by a media outlet and does not reflect the considered opinion of a respected, practicing lawyer here in Victoria.

Update: August 20, 2019.

A further article debunks the statement that ICBC rates are soaring and that they are among the highest in Canada:  BC News Outlets Exaggerated the Costs of ICBC Insurance

Update: August 13, 2019.

A Global News broadcast this afternoon quoted heavily from an article prepared by the Insurance Bureau of Canada, an Ontario based private enterprise organization that promotes private insurance, which states BC has the highest auto insurance rates in Canada and that rates could be lowered through ‘competition’.  There was also an article in the Saanich News which similarily quoted the IBC information and also indicated ICBC is facing a huge deficit. The article made no mention of the considerable sums of money the government has removed from Crown Corporations such as ICBC and BC Hydro.

I just re-read the article the original article (below) and was again astounded at how high Ontario is compared to the rest of Canada. While that province has a population density far greater than BC, it is also a province in which auto insurance is managed entirely by the private enterprise system.
 
No wonder the Insurance Bureau of Canada, has made such a finding, as one might suspect they are acting on behalf of the private insurers in Ontario, Alberta, and other areas, and might prefer to destroy the public-private system as it tends to expose the excesses of system base solely on private enterprise.
If we had the proper means of checks and balances in our system, the Ontario and Alberta private system might now be under investigation for fraud. I think it unconscionable to first make insurance mandatory and then to then allow private-enterprise to charge exorbitant rates, particularly as they do in Ontario.

I have reached out to friends in the Auto Insurance industry to have them fact check the calculations I quote in order to ensure they have legitimacy.  (Updated August 14, 2019 – hit the continue reading below for the original article and other updates)

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  • Harold McNeill

    February 15, 2020 |

    Testing the comments section after changes made. Updated: February 10, 2020

    Further to the update below (February 1, 2020), I note that since the government announced a “No-Fault” insurance plan for BC, Robert Mulligan is taking a slightly different tack, suggesting that no-fault will only increase the problems by taking away the right of an injured party to sue.

    I’ve copied just one sentence from Mulligan’s longer discussion, “And I think people don’t like the idea that somebody who’s, for example, was drunk and ran into you and you become a quadriplegic is going to be treated exactly the same way you would in terms of getting benefits (go to minute 00:15:26 to see his full comment)

    Statements like this appear to be simple fear-mongering. As was the case in the past, people who commit criminal offences, as well as other forms of negligence while driving, may well lose their insurance coverage and in all likelihood would be sued by ICBC to recover costs of the claim. (Link here to Mulligan’s full conversation on CFAX radio)

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  • Harold McNeill

    August 21, 2019 |

    For those who followed the earlier post about the cost of ICBC Auto insurance coverage in British Columbia, Saskatchewan and Manitoba (linked in comments) here is another follow-up article.

    This article again confirms earlier assertions that public-private insurers such as that which ICBC provides, is among the best in Canada in terms of rates and coverage. A link is provided in the original story.

  • Harold McNeill

    August 16, 2019 |

    Many thanks for reviewing the article Elizabeth. There are so many areas of our society in which populism carries the day, although I think what is happening with the ICBC is that groups having a vested interest in private insurance would dearly love to dislodge ICBC from their preferred position. That being said, I think was a good move to have only portions of the insurance coverage in BC being held by ICBC and other portions being made available through private enterprise.

  • Elizabeth Mary McInnes, CAIB

    August 15, 2019 |

    It’s a breath of fresh air to see a resident of British Columbia look to review all the facts over believing what is reported in the news or just following along with the negative stigma of the masses. Your article truly showcases that with a little reform to ICBC’s provincial system – British Columbia could be a true leader for other provinces in Canada. Very well written article!

  • Harold McNeill

    August 13, 2019 |

    August 13, 2019. The Insurance Bureau of Canada (IBC), a private enterprise group not unlike the Fraser Institute, is again on the campaign trail. They state ICBC rates are the highest in Canada, but, thankfully, Global BC inserted a section indicating the Insurance Bureau cherry-picked the highest number in BC and the lowest numbers in AB, ON and other Eastern Provinces. If you take a few minutes to check reliable sources you will find BC rates, are the lowest in Canada.

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